Egyptian Insurtech Startup Amenli Raises $1 Million Funding to Propel Its Expansion Efforts

Amenli, an Egyptian insurtech startup, has announced the raise of $1 million in funding to support its expansion and growth efforts.

The funding round was led by Alter Global, a leading international VC firm focused on emerging markets, with participation from the Qatar Insurance Company’s corporate VC arm Digital Venture Partners (DVP), one of the biggest insurance groups in the MENA region.

According to Amenli, the funding will be used to introduce new products, which will be targeted at both old and new customers to satisfy unmet insurance needs as well as develop new distribution channels to maximize efficiency and reach.

Also, the startup will focus on dominating the B2B2C space, capitalizing on its insurance API.

Speaking on the funds raised, the CEO of Amenli Shady El Tohfa said,

“The funding round is a substantial validator and a strong vote of confidence for Amenli, particularly amidst the current investment and economic environment. The backing of these prominent investors, who all possess extensive experience in the tech and insurance sectors regionally and globally, has reinforced our belief in the strength of our vision and in moving forward with our plans for Amenli’s expansion and growth”.

Also speaking on its investment in Amenli, Allen Taylor partner at Alter Global said,

“We are impressed with Amenli’s vision to revolutionize Egypt’s largely underpenetrated insurance market, which currently stands at less than one percent. Amenli has built the technological infrastructure to create strong distribution and product innovation advantages, thereby enhancing the insurance experience for both individuals and SMEs alike”.

Founded in 2020 by Adham Nauman, Omar Ezz El Din, and Shady EITohfa, Amenli offers its clients all types of insurance, with a focus on medical, car, home, and business offerings.

The insurtech startup also handles client claims with insurance companies on behalf of their customers. Through the platform, customers can buy insurance with a convenient and transparent experience.

They also do not need to wait a lifetime to get a quote or get boarded, as they provide the ability to do everything from the comfort of their home. Customers can buy their medical, car, or home insurance with installments of up to 12 months, through their preferred bank.

So far the startup has experienced remarkable growth, marking a fivefold increase compared to the same period in the previous year, and with the newly acquired capital, it anticipates accelerated expansion.

Amenli aims to democratize access to insurance through digital direct channels & embedded insurance API, for mid-income Egyptian families. The startup is licensed by Egypt’s Financial Regulatory Authority (FRA).